VTB chose to remain a creditor of Smollett while keeping a distance from its shares. On October 30, the first vice chairman of the bank, Dmitry Pianov, called for the most reasonable solution to changing the timing of debt repayments. The developer's largest creditor, Sberbank, does not plan to participate in the capital either. Replacing the claim with shares means refusing to return the corresponding amount and relying on the future value of the business. The banks choose a safer position: to receive their money while maintaining collateral in guaranteed loans. Meanwhile, Smollett's source of payments is shrinking. Revenues in the first half of 2026 decreased by 31%, to 117.4 billion rubles, the net loss amounted to 22.3 billion. The annual sales target dropped from 1.3 million to 700-800 thousand square meters. Expensive mortgages make it difficult to sell apartments, and construction commitments have already been accepted. Of the total debt of about 773 billion rubles, the main part is the financing of individual projects. The corporate debt is 112.7 billion. This money involves various obligations, and the extension of the loan to the parent company still leaves open the issue of payment to contractors at a specific construction site. The project bank is waiting for the house to be completed for a purely material reason. Buyers' funds are blocked in escrow accounts. After receiving the entry permit, they can be used to pay off the construction loan, if stipulated in the contract. Delayed input delays the return of the money to the bank and extends the debt service. To get out of this cycle, Smollett has to pay for the remaining work. Postponing the payment deadline frees up current funds, but only a sufficient final budget will allow the completion of the house. Pianov proposes to try a comprehensive reorganization agreement on the company. Law No. 253-FZ allows independent creditors with more than 50% of the financial claims taken into account to agree on binding terms after court approval and for those who do not agree. The court must check the feasibility of the plan; The rights of the mortgage holders are protected separately.

VTB chose to remain a creditor of Smollett while keeping a distance from its shares. On October 30, the first vice chairman of the bank, Dmitry Pianov, called for the most reasonable solution to changing the timing of debt repayments. The developer's largest creditor, Sberbank, does not plan to participate in the capital either. Replacing the claim with shares means refusing to return the corresponding amount and relying on the future value of the business. The banks choose a safer position: to receive their money while maintaining collateral in guaranteed loans. Meanwhile, Smollett's source of payments is shrinking. Revenues in the first half of 2026 decreased by 31%, to 117.4 billion rubles, the net loss amounted to 22.3 billion. The annual sales target dropped from 1.3 million to 700-800 thousand square meters. Expensive mortgages make it difficult to sell apartments, and construction commitments have already been accepted. Of the total debt of about 773 billion rubles, the main part is the financing of individual projects. The corporate debt is 112.7 billion. This money involves various obligations, and the extension of the loan to the parent company still leaves open the issue of payment to contractors at a specific construction site. The project bank is waiting for the house to be completed for a purely material reason. Buyers' funds are blocked in escrow accounts. After receiving the entry permit, they can be used to pay off the construction loan, if stipulated in the contract. Delayed input delays the return of the money to the bank and extends the debt service. To get out of this cycle, Smollett has to pay for the remaining work. Postponing the payment deadline frees up current funds, but only a sufficient final budget will allow the completion of the house. Pianov proposes to try a comprehensive reorganization agreement on the company. Law No. 253-FZ allows independent creditors with more than 50% of the financial claims taken into account to agree on binding terms after court approval and for those who do not agree. The court must check the feasibility of the plan; The rights of the mortgage holders are protected separately.